The New York State Legislature is considering a bill to allow the creation of public banks. The New York Public Banking Act would authorize municipal and other local governments to form and control public banks through ownership interests such as capital stock. The hope is these banks will invest in community endeavors rather than interests in line with making the bank profit. A report from the Rainforest Action Network said some of the largest banks in the nation are heavily invested in the fossil-fuel industry despite world policy shifts to renewable energies.

Mike Sandmel, senior campaign organizer with New Economy Project, said public banks present benefits to municipalities invested in them.

"Broadly speaking, it is a great tool for investing in infrastructure. This is a great tool for investing in affordable housing; for investing in small business creation," he said.

The recent turmoil following the failure of Signature Bank has influenced interest in public banking. Numerous organizations and elected officials across the state signed a letter
to the Majority Leader of the State Senate and the Speaker of the Assembly supporting the bill.

Primary opposition to the bill, currently under review by the Senate Banking Committee, has come from Wall Street banks trying to keep the business these cities bring, Sandmel said.

Previous versions of the bill were brought before the Legislature in the past two sessions, but never advanced beyond the Banking Committee. Sandmel is hopeful it will pass this year, but even if it does, work remains to outline local government's terms for a public bank, he said.

"We have to have conversations in local communities about is this something we want to do? Is this something we think we can pull off? What does our business plan look like? What does our application look like? You have to pass legislation, locally, right. Through city councils or county legislatures. To authorize actually doing that work of putting that business plan together," he said.

Other actions are being taken to make banks more accountable to the people whose money they hold, outside of this bill. New York City's Banking Commission
will include a public comment process for their public hearing to designate banks eligible for holding deposits of city funds.

Concert and sports fans in Ohio are expressing growing frustration over rising ticket prices and hidden fees.

In response, Congress is considering the TICKET Act, a bipartisan bill which aims to increase transparency by requiring ticket sellers to display all fees upfront.

Sally Greenberg, executive director of the National Consumers League, highlighted why she feels the issue is so important for consumers.

"People in Ohio understand the frustration and the anger that you feel when you go buy a ticket, it looks like a reasonable cost and, all of a sudden, the fees add 30%, 40%, 50% of the cost," Greenberg explained.

If the TICKET Act passes, ticket vendors will be required to show the total price, including fees, at the beginning of the purchase process. While supporters such as Greenberg see it as a win for consumers, some in the ticketing industry argued the change could disrupt business models.

The rise of online ticket fraud has become another challenge for buyers.

Nick Drewe, CEO of the consumer website WeThrift.com, emphasized the importance of vigilance when purchasing tickets online.

"Our study revealing the states with the highest online shopping fraud reports is a wake-up call for consumers nationwide," Drewe noted. "Navigating the digital marketplace is kind of like exploring a new city; it's exciting but also requiring caution."

As Ohioans await the outcome of the TICKET Act, many hope increased transparency will lead to fairer ticket pricing. Drewe urged consumers to remain cautious while shopping online to avoid becoming victims of fraud.

Groups are warning technology companies could undermine protections on a number of issues with their push for certain provisions in international trade agreements, known as digital trade rules.

Julie Bouanna, executive director of the Washington Fair Trade Coalition, said the policies could limit regulations on Big Tech passed in Washington state.

"The People's Privacy Act, legislation on artificial intelligence oversight and the right to repair," Bouanna outlined. "This is legislation that we see popping up in Washington but also, really, across the country as we're waking up to Big Tech's outsized influence on our everyday lives."

The People's Privacy Act was proposed legislation in Olympia, which would have allowed residents to correct and delete personal information collected on data servers. The tech industry argued trade agreements include exemption provisions for certain policies. It also said overregulation in areas like artificial intelligence could stifle the technology.

Bouanna countered there are legitimate concerns about the effects of including the policies tech companies are pushing for in trade agreements.

"These are trade rules that would essentially allow corporations to sidestep local privacy laws and shield their technology from government oversight," Bouanna explained. "Making it harder to hold them accountable."

Washington state lawmakers have also introduced legislation to increase transparency for algorithm-based decision-making to prevent discrimination from AI and allow for more affordable fixes to products through "right to repair" legislation, which has been adopted in other states like Oregon.

Bouanna noted all the policies could be affected by digital trade rules.


get more stories like this via email

During National Hispanic American Heritage Month, financial experts are speaking out to help Latino families build wealth.

Federal data show that more than a quarter of Latino consumers in the U.S. have no recent credit history, making them "credit invisible" and unlikely to qualify for a loan.

Jorge Lopez Colunga, business development officer in commercial lending for Self-Help Federal Credit Union in San Francisco, said some Latinos are unaccustomed to using credit.

"In Mexico, Latin America, it's either you pay cash or you just don't buy it because you cannot afford it," Lopez Colunga explained. "Here you have to learn how to use credit and leverage it, because it's crucial in order for them to afford something bigger in the future."

Lopez Colunga pointed out many Latinos are self-employed and may operate on a cash basis. He advised people to keep meticulous records and hire an accountant because accurate business income and tax records will help them qualify for business, home and car loans down the line.

Maria Ramos Cuaya, racial wealth gap coordinator at Self-Help Federal Credit Union, encouraged people to seek financial counseling.

"We always try to connect our members with the proper resources for them to understand how to create a spending plan, how to manage their finances, how to access credit without having to get into so much debt," Ramos Cuaya outlined.

Ramos Cuaya noted many banks and credit unions offer "credit builder" loans to help people establish or build new credit using their own money.